Here is an idea that I'm been playing with for a low magic setting. Tone down available magic items to ones which are less "flashy".
The idea would be that the "magic" items simply reflect high quality items which are unique and of a superior quality. This would allow for armors to have Greater Fortitude for example, and elven katana to have Keen, or a Dwarven Warhammer to have +4 bonus on critical confirmation rolls. While these effects would be built off the "magic" rules, they would be limited to "low magic effects". Effects which were reality bending "high magic effects" such as Ethereal Armor, or a Flaming / Bursting weapon, etc would not be allowed under such a setting.
In such a setting the division line between "magic" and "items of high quality" are completely erased and due to a lack of high magic effects the costs for such items also come down dramatically (although their rarity is still high). No longer would a + 3 sword be worth the accumulated wealth of a small kingdom, but then neither would such a weapon be packing an enchantment total pushing a + 7 - 8 either.
Anyway, without going too far down the rat hole, what do you guys think of the concept?
No one?
It sounds like Lord of the Rings, elvencraft etc.
I guess it depends if you want to entrench racial stereotypes into the weapons they make. No dwarven weapon have keen, no elven weapons with +4 to confirm. Narratively that is fine, but player characters usually pick what's good over what's convenient.
It would be like the Mything Inc., novels by Robert Aspirian. Where learning magic is a perilous trade. Teachers and spells would be hard to come by. It would make even low level spells very powerful and you would have to give a little leeway to allow for creativity, Mages would be intimidating to common folk, making them target #1 in skirmishes. So you wouldn't want it to be common knowledge you are spellcaster. Your States and skills would be profoundly important with most other classes being scaled back and stripped of any spell like ability. Sounds like a lot of work and the need for iron willed discipline, CAN I HELP.
"The idea would be that the "magic" items simply reflect high quality items which are unique and of a superior quality." You plan remove the flash are you saying that you are going to limit the quantity of magic items, and or limit quality of the magic items, also? That would make knowledge of the sciences even more desirable. A little bit of physics goes a long way to a creative mind. The wizard class might not survive but the alchemist class would change focus but would be a violable class. If the wizard does survive then, " teachers and spells would be hard to come by." You wipe away the spell lists of 3.5 and use the words of power system in the UM. It would make even low level spells very powerful and you would have to give a little leeway to allow for creativity, With power words I think its made up on the fly, which would make for some exciting moments. Then flexibility is the #1 rule, if you are loose and flexible you're PCs will be too. PCs are often a reflection of the GM.
"Anyway, without going too far down the rat hole, what do you guys think of the concept?" I think it is good concept, couldn't you tell. IT could have the atmosphere of a spaghetti western, which would be neat.
"low magic vs magic rare vs high/powerful magic vs flashy obvious magic vs subtle magic"